OFFICIALS in Ningbo, home to one of the most important ports in east China, have vowed to spur innovation in the 13th Five-Year Plan period as they build the city into a global manufacturing and trade center in the years leading up to 2020.

This year, authorities in Ningbo intend to utilize the city’s world-renowned harbor facilities to tap into China’s “Belt and Road” initiative, in which an increasing number of overseas cooperations are being sought.

Looking ahead, Ningbo will undoubtedly play an important role in connecting China with some of the world’s largest and most heavily trafficked ports. In the meanwhile, authorities have pledged to seek outside investment and support as they build alliances with ports abroad.

Local authorities and planners are confident in reaching their ambitious aims thanks to the city’s economic achievements in 2015.

Despite signs of sluggishness elsewhere in the national and global economy, Ningbo’s GDP was valued at 800 billion yuan (US$122 billion) last year, up 8 percent from 2014. Meanwhile, the average annual income for urban Ningbo residents reached 47,852 yuan, up 9 percent year on year. Income for rural residents jumped 10 percent from a year earlier to 26,469 yuan.

Ningbo recorded fiscal revenue of 207.27 billion yuan last year, jumping 11.4 percent year on year. Total fixed-asset investment topped 450.67 billion yuan, climbing 13 percent year on year.

Combined imports and exports exceeded US$100 billion for the second year in a row; while the amount of foreign capital utilized totaled US$4.2 billion, increasing 5.2 percent year on year.

The city’s two ports — Ningbo and Zhoushan — are linked to 235 sea routes and some 600 ports in more than 100 countries and regions.

Also in 2015, combined cargo throughput reached 890 million tons, ranking the first in the world. Total container throughput hit a record high of 20.63 million 20-foot equivalent units, overtaking Hong Kong to become the forth-largest in the world.

Ningbo’s Meishan Bonded Logistics Park has become one of its major brands. It is currently Zhejiang’s only port that is allowed to import cars. Since it began operation, more than 2,000 cars have been taken in, worth more than 300 million yuan.

Meishan is also a very popular spot for other imported goods, which are made in countries like the US, the UK, France, Germany and Italy. More than 30 imports companies had been attracted to the park in the first year since it was opened, dealing daily with more than 5,000 types of imported goods.

Besides competent sea transport, Ningbo is also one of the most efficient business spots in the Yangtze Delta and the Hangzhou Bay region as it has convenient transport of all possible forms.

Ningbo Lishe International Airport has more than 40 domestic air routes, leading to major mega cities like Shanghai, Beijing and Guangzhou. Increasing international airlines have made it possible for travelers to fly to countries including Singapore, South Korea and Thailand.

Lishe Airport is also a highly efficient place for bonded goods. The first batch of nine companies were chosen as trial companies that do cross-border logistics.

Highways in the region are arguably one of the fastest in China. It takes only two hours on the road to drive to Shanghai from Ningbo, and even less time to make it to Hangzhou and other major cities in Zhejiang Province, where entrepreneurship is the most competent in China.

Having a very sufficient railway system, Ningbo is able to shift its sea goods at the best possible speed to other corners of the country. The introduction of more high-speed railway lines will enable more businessmen to arrive in Ningbo in the best costly way.

Metro transport is also thriving. Currently, Line 1 and 2 have been put into operation, with a total of six different lines will be completed in years to come.

Boosting trade is one important task for Ningbo, yet there is another promising opportunity coming from deepened ties with the global economy. Growing sea trade has made it possible for Ningbo to deepen its collaboration with other countries in terms of consolidating old and modern industries.

Economic bonds

In recent years, Ningbo has teamed up with nations in Europe and Southeast Asia to foster new collaborations in fields related to equipment manufacturing and the marine economy. Various collaborative industrial parks have been established in Ningbo, including an eco-park with Italian backers and an industrial park with support from central and eastern Europe.

Ningbo’s economic bonds with Europe have never been stronger. The city is a major trading partner with central and eastern Europe, with bilateral trade with the region valued at US$2.45 billion in 2014 — the equivalent of 5 percent of all Chinese trade with this part of Europe.

Central and eastern European investment in Ningbo has climbed to US$65.8 million in total, while Ningbo-based entities hold investment worth US$14.33 million in the region.

As business activity continues to boom, the Ningbo government is designing more penetrative policies to boost bilateral trade and further stimulate the city’s potential as a trade-oriented economy.

In the near future, Ningbo intends to spend 85 million yuan annually to drive trade and increase investment with its central and eastern European counterparts, as well as enhance cultural and tourism collaborations.

Local authorities are, at the same time, pushing forward trials in which Chinese firms can carry out overseas acquisitions and secure loans abroad. The move is intended to prompt more Chinese companies to seek opportunities abroad that are expected to benefit the Chinese economy in return.

In 2014, a ministerial meeting was held in Ningbo to discuss plans to develop trade.

The series of meetings came to a conclusion in June 2015, when an investment expo kicked off in Ningbo. The event featured 18 key business programs and attracted more than 50,000 participants from 93 countries. A total of 185 business deals were sealed at the event.

To host similar events, local officials will invest 5.25 billion yuan to construct two colossal buildings intended to showcase products from central and eastern Europe. From June 8 to 12, Ningbo will again hold a ministerial meeting and a business expo, in which companies in Ningbo will be encouraged to share their expertise with counterparts in Europe.

This year’s event will focus on the economy, culture, education as well as tourism.

In September, Ningbo will hold a series of promotional activities in European countries, including Germany and Italy, aimed at promoting collaborations in equipment manufacturing, industrial design and innovation research.

In May, Ningbo will hold a seminar on global harbors. In July, China Maritime Day will be held in Ningbo. In November, a lecture on new material and industrialization will be held there.

As for cultural activities, Ningbo will hold more than 100 events throughout the year to promote cultures in East Asia with partners from Jeju in South Korea and Nara in Japan.